The two wars in Afghanistan and Iraq have, to date, cost the U.S.
Treasury more than $300 billion. Iraq alone is costing nearly 5
billion dollars a month,


From The Sacramento Bee, 1/2/06:

New tax cuts give the rich a boost

By David Westphal -- Bee Washington Bureau Chief


WASHINGTON -

More than four years after Congress passed President Bush's
centerpiece tax-cut legislation, economists are still arguing over who
has benefited the most - the middle class or America's most affluent.

But there isn't any doubt about who will be smiling most from the 2006
round of tax-cutting:

It's the rich, and they're about to get richer.

Starting Sunday, two new pieces of Bush's original 2001 tax cut kicked
in, both overwhelmingly aimed at households well into six figures of
income.

One provision eases restrictions on high wage-earners' ability to
fully itemize their tax deductions; the other relaxes limits on the
value of personal exemptions.

Together, they're expected to reduce federal income taxes by $27
billion over five years, with 97 percent of the benefits falling to
those making at least $200,000 a year.

A month after these provisions take effect, Congress is expected to
resume another round of tax-cutting, and here again it's the most
affluent who will be the biggest recipients.

Although the precise outcome of Congress' new tax-cut plan remains in
doubt, it appears Americans with large dividends and capital gains,
along with households paying the alternative minimum tax, will be the
winners.

Before adjourning in late December, the House gave initial approval to
$94.5 billion worth of tax cuts over five years, and roughly 90
percent of them were aimed at high earners.

______________________________________________________

The two wars in Afghanistan and Iraq have, to date, cost the U.S.
Treasury more than $300 billion. Iraq alone is costing nearly 5
billion dollars a month

Harry